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Smartsheet manages to work out IPO terms
Posted on Monday, 16 April 2018 13:42
Smartsheet, the US designer of a cloud-based software as a service application for collaboration and work management, has set a price range for an initial public offering (IPO) on the New York Stock Exchange.
The Washington-based rival of Asana and Trello will sell 10.00 million new shares, with existing stockholders putting 1.63 million scrips, at between USD 10.00 and USD 12.00 apiece.
It is also providing underwriters, including Morgan Stanley, JPMorgan and Jefferies, with an overallotment option for a further 1.74 million securities that may take the total funds raised to as much as USD 160.53 million.
Smartsheet had over 92,000 customers, including more than 74,000 domain-based users, 90 companies in the Fortune 100, and two-thirds of the companies in the Fortune 500, as of 31st January 2018.
These clients apply the company’s enterprise collaboration software to manage and automate processes across departments and for different uses.
Prior to the introduction of this kind of product, teams have historically managed their workload and communicated needs or requirements via a combination of email, spreadsheets, whiteboards, phone calls, and in-person meetings.
Founded in 2005, Smartsheet has attracted customers such as Starbucks, Cisco, Weyerhaeuser and South Water Signs.
Uses for the software range from producing events, managing infrastructure projects and distributing time-sensitive information and business updates across thousands of stores, to scheduling shifts and installations, and flagging safety issues.
The IPO will fund growth, such as increasing headcount and sales and marketing activities, investing in hardware for the group’s data centre operations and extending its geographical footprint internationally.
Some of the proceeds may be used to acquire businesses, products, services or technologies.
In 12 months ended 31st January 2018, Smartsheet booked total revenue of USD 111.25 million (FY 2016-17: USD 66.96 million).
The company’s net loss attributable to shareholders widened to USD 53.66 million from USD 15.18 million year-on-year.
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